1. Fairport in Fifteen
Audio recorded on October 13, 2011

2. J.T. Mullen
Chief Investment Strategist
J. T. Mullen joined Fairport Asset Management in 2011, bringing more than 30 years
of experience as a highly regarded investment and finance professional. As Chief
Investment Strategist, J.T. provides leadership and strategic oversight to Fairport’s
Investment Committee.
J.T. is widely known in the investment community as a creative problem
solver, superb listener and effective leader. Among other accolades, he was named
‘Chief Financial Officer of the Year’ in 2007 for charitable organizations by Crain’s
Cleveland Business.
Prior to joining Fairport, J.T. was Senior Vice President and Chief Financial Officer at
The Cleveland Foundation, the second largest community foundation in the country.
During his 23 year tenure, he crafted an investment philosophy that led to
substantial growth of the foundation's endowment – from $400 million to $1.8
billion. As Chief Financial Officer, he was responsible for managing both the
Foundation's investments and its internal financial function. J.T. joined the
Cleveland Foundation in 1987 as Controller and was named Chief Financial Officer
five years later. He retired from the Foundation in 2010.
Earlier in his career, J.T. was a manager with Arthur Young & Company and also
with the Cuyahoga County Board of Commissioners. He holds a B.S. in Business
Administration from Cleveland State University.
Throughout his career, J.T. has been actively involved as an advisor, board member
and volunteer for local and national nonprofit organizations. He served on several
highly visible national committees addressing community foundation issues, such as
investment practices, accounting standards, and alliances with the
marketing, technology and financial services industries. He currently serves on the
investment committees of United Way of Greater Cleveland, the Catholic Diocese of
Cleveland Foundation and CSA Health Systems.
J.T. and his wife, Mary, are the proud parents of five children and four
grandchildren. An avid sports fan, J.T. follows many teams and players with a
statistical acumen that is impressive. He also enjoys playing golf and reading.

3. John M. Silvis, CFA
Director of Investments
John Silvis, a CFA charterholder, serves as Fairport Asset Management’s Director of Investments. As such,
John oversees the research of the Investment Team, determines the asset allocation of Fairport’s model
portfolios and directs investment decisions and implementation on a day-to-day basis. John provides clients,
prospects and internal staff with guidance about Fairport’s investment philosophy, process and performance.
John brings over 15 years of experience to the Investment Team and has been with the firm since 2000.
Prior to Fairport, he was a Portfolio Manager at National City Bank. John began his career at Mellon Bank.
John obtained his B.A. in Economics at Penn State and his MBA at Baldwin Wallace College. He is a member
of the CFA Institute, as well as the CFA Society of Cleveland.
John lives in Strongsville with his wife Lori and has three children.
Richard D’Amico, CFA
Manager of Investments
Richard D’Amico, a CFA charterholder, serves as Fairport Asset Management’s Manager of Investments. In
this role, he oversees the implementation of the firm’s fixed income models and is responsible for the review
and oversight of Fairport’s alternative investments and strategies.
Rick brings over 10 years of experience to the Investment Team and has been with the firm since the
summer of 2009. Rick most recently served as a market risk review analyst at KeyBank. Prior to KeyBank,
he worked as a licensed equity research analyst at Great Lakes Capital Partners, LTD, covering regional bank
and thrift companies.
He is a graduate of Mount Union College where he obtained his B.A. in Business Administration with a
Finance concentration. He is also a member of the CFA Institute, as well as the CFA Society of Cleveland.
Rick lives in Rocky River with his wife Shannon and son. In his free time, he enjoys playing baseball and
spending time outdoors.

8. Source: Standard & Poor’s, FRB. Bloomberg, FactSet, J.P. Morgan Securities, J.P. Morgan Asset Management
(Top) Standard & Poor’s, FactSet, J.P. Morgan Asset Management
(Bottom) Standard & Poor’s, FactSet, J.P. Morgan Asset Management
Data are most recent as of 09/30/11.

9. Daily Data 1/03/2006 - 10/13/2011
10-Year Constant Maturity Treasury Note Yields (Since 2006)
5.25 5.26
5.2 10/13/2011 = 2.19% 5.2
5.1 5.1
5.0 5.0
4.9 4.9
4.8 4.8
4.7 4.7
4.6 4.6
4.5 4.5
4.4 4.43 4.4
4.3 4.27 4.3
4.2 4.2
4.1 4.08 4.1
4.01
4.0 3.98 4.0
3.93
3.9 3.85 3.9
3.8 3.75 3.8
3.7 3.7
3.59
3.6 3.53
3.6
3.5 3.51 3.5
3.4 3.41 3.4
3.3 3.34 3.3
3.22
3.2 3.21 3.22 3.2
3.1 3.07 3.1
3.0 3.0
2.9 2.9
2.81
2.8 2.8
2.7 2.7
2.6 2.6
2.5 2.51 2.5
2.4 2.41 2.4
2.3 2.3
2.2 2.2
2.1 2.1
2.08
2.0 2.0
1.9 1.9
1.8 1.8
1.72
J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N J M M J S
(B0151) 2006 2007 2008 2009 2010 2011
Copyright 2011 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html . For data vendor disclaimers refer to www.ndr.com/vendorinfo/ .

10. Source: U.S. Treasury, J.P. Morgan, J.P. Morgan Asset Management . Default rates are defined as the par value percentage of the total market trading at or below 50% of par value and include any Chapter 11
filing, prepackaged filing or missed interest payments.
Spreads indicated are benchmark yields less comparable maturity Treasury yields. Past performance is not indicative of comparable future results.
2011 issuance is as of August 2011.
Data are as of 09/30/11.

11. Weekly Data 3/28/1991 - 10/07/2011
Muni/Treasury Ratios (30-Year, 10-Year, and 5-Year)
220 AAA-rated Municipals 220
30-Year M Yield / 30-Year Treasury Yield
uni
200 200
180 180
160 160
140 140
120 120
100 100
190 10-Year M Yield / 10-Year Treasury Yield
uni 190
180 180
170 170
160 160
150 150
140 140
130 130
120 120
110 110
100 100
90 90
80 80
5-Year M Yield / 5-Year Treasury Yield
uni
200 200
180 180
160 160
140 140
120 120
100 100
80 80
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(B470A)
Copyright 2011 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html . For data vendor disclaimers refer to www.ndr.com/vendorinfo/ .

13. Senior Relationship Team
Paul Abbey Heather Ettinger
Ken Coleman Chris Isabella, CPA/PFS
Andrew Connors, CFP® Tom Seifert, CPA/PFS
Pete DeVito, CPA, CFP® Emily Shacklett, CPA/PFS
Emily Drake, CFP®

14. Disclosures
This Fairport in Fifteen presentation is for informational purposes only and should
not be relied upon as research or investment advice. It should not be considered as
a solicitation or recommendation by Fairport to buy, sell or continue to hold
securities or other investments. Past performance is not a guarantee of future
results, and is not indicative of any specific investment. It should not be assumed
that the investment process and strategy discussed herein has been or will prove to
be profitable. Diversification and strategic asset allocation do not assure profit or
protect against loss in declining markets.
Audio recorded on October 13, 2011.